The noose around fugitive billionaire jeweller Nirav Modi seems to be tightening as the International Criminal Police Organisation (Interpol) today issued a red corner notice against him in connection with the INR130 billion (USD2 billion) Punjab National Bank (PNB) scam.

A red-corner notice has also been issued against his brother Neeshal Modi and close aide Subhash Parab involved in the bank scam.

Interpol issued a red corner notice against Nirav Modi who is the main accused in the INR130 billion (USD2 billion) Punjab National Bank (PNB) scam. Photo courtesy: Wikibio

The red corner notice is put out to ask countries to help with tracking down and arresting a wanted person, so that they can be extradited. It is the closest instrument to an international arrest warrant, according to Interpol.

The CBI had approached Interpol last month seeking issuance of red corner notice against Nirav Modi.

India had written to several European countries for help in tracing Nirav Modi, who allegedly travelled to several countries despite his passport being cancelled by the government.

In addition to this, the Ministry of External Affairs of India had also sent messages to all its missions abroad to get in touch with local governments to deny entry to Nirav Modi and inform India if he was residing there.

Nirav Modi is accused of extracting loans based on fake guarantees in the name of Punjab National Bank.

He had managed to flee the country in the first week of January, days before the PNB was able to detect the fraud.